Hacking apart the (FinTech) problem
Published 21 November 2018, Michelle Wang, Regional Head of Professional Services
HACKING APART THE (FINTECH) PROBLEM For the second year running, KPMG Digital Village and the Monetary Authority of Singapore (MAS) organised the Global FinTech Hackcelerator for the 2018 Singapore FinTech Festival. The programme ran for 12 weeks where companies are given a ‘problem’ statement to solve. Corlytics were selected as one of the 20 companies out of 304 applications, across 30 countries to take part in the programme.
PROBLEMS BREWING IN THE FINANCIAL INDUSTRY
The Global FinTech Hackcelerator is powered by KPMG Digital Village, who provide a platform for global innovative start-ups to address the problems faced by the financial industry. This year, 80 problems across Financial Inclusion area, InsurTech area and RegTech & SupTech area were identified. Over the past 12 weeks, the Corlytics team attempted to solve this problem statement: “How can institutions share recommendations and information on regulatory changes across different international jurisdictions, assisting in the accountability and compliance of each regulatory body’s requirements more effectively?”
TEAM TRIP TO SINGAPORE In the first week of October, the team visited Singapore attending the mid-term checkpoint session with the Monetary Authority of Singapore (MAS) and KPMG on the current progress of the programme. Whilst we can’t openly discuss the project we worked on, Corlytics received positive feedback and useful suggestions from MAS, KPMG and Ryan Lou, our Corporate Champion. Ryan supported the Corlytics team on developing contextualised prototypes and enhancing solutions to be ready for the demo day on the 12th November and possible real business opportunities. In addition, the team also attended the networking session organized by KPMG, speaker sessions on doing business in Singapore and visited several innovation labs. Through those sessions, we got better insights about ASEAN market and got to hear about the fintech opportunities in Singapore. FINTECH FESTIVAL The second part of the programme was to further develop Corlytics’ products. Earlier this week, the team prepared a demonstration and presentation for the Hackcelerator as part of the Fintech Festival in Singapore and follow up with Singapore financial institutions. Whilst Corlytics wasn’t selected as a winner, we were delighted to take part in this exciting opportunity. The top 20 finalists from the 2017 hackcelerator are already seeing tangible outcomes from their participation, with some proceeding to work with corporates to pilot their solution, and another successfully exiting via an acquisition. Indeed, for Corlytics, taking part in hackcelerators and sandboxes has been a great way to expand our product offering and build new relationships.